Thursday, May 24, 2018
News

Deposit Rs 1,000 cr by June 15, SC tells Jaiprakash Associates

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Wednesday, 2018 8:15:00 PM IST
The Supreme Court on Wednesday directed Jaiprakash Associates Ltd (JAL) to deposit Rs 1,000 crore with its registry by June 15, to pay back to the home buyers who have opted for refund.

A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud asked the real estate firm that on submitting Rs 1,000 crore, the liquidation proceedings against Jaypee Infratech Ltd (JIL), a subsidiary of holding company Jaiprakash Associates, would remain stayed.

However, failure to deposit the amount would result in the start of insolvency proceedings against JIL, said the bench.

JIL is facing insolvency proceedings.

Earlier, the court had directed Jaiprakash Associates to deposit Rs 2,000 crore with its registry.

JAL has deposited Rs 750 crore with the apex court registry so far.

The counsel appearing for JAL asked the apex court that its resolution plan for revival of Jaypee, which the home buyers are opposed to, should be considered afresh by lending banks or the Committee of Creditors (CoC).

He said JAL had proposed to offer 2,000 equity shares of JIL to each home buyer as part of its Rs 10,000 crore proposal to revive it.

JAL had sought a direction for restraining the National Company Law Tribunal (NLCT) at Allahabad from proceeding further with the insolvency proceedings.

Earlier, the bench had sought from JAL details of its housing projects in the country and said that the home buyers should either get their houses or their money back.

The court was hearing the pleas of home buyers contending that people had booked flats and were now paying instalments.

--IANS gt/nir/bg

( 281 Words)

2018-05-16-19:54:07 (IANS)

Watch News Videos

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
TRENDING TOPICS
 
 
 
CITY NEWS
MORE CITIES
 
MORE BUSINESS NEWS
MobiKwik launches UPI on platform, offer...
Tata Motors' narrows Q4 standalone net l...
Lendingkart Finance disburses 25,000 loa...
HP aims at partnering with Indian govern...
Global cues, value buying lift equity in...
Haptik ropes in Kartik Poddar as busines...
More...
 
INDIA WORLD ASIA
Subedar Abdul Sattar attains martyrdom i...
Delhi HC to continue hearing Upendra Rai...
Argentines brace for crisis as nation ag...
Yuan eases on weaker fixing, retreat in ...
Petrol, diesel prices soar for 11th cons...
PM to preside over a convocation at Visv...
More...    
 
 Top Stories
Pak troops open new front, targets... 
China says has not promised to cut ... 
Bank of Korea chief says decision t... 
Europe, U.S. 'far from a compromise... 
U.S.-led coalition hits Syrian army... 
N.Korea says future of summit with ... 
At least four dead, 15 wounded in B... 
Yemen appoints new minister of fore...